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Mar 31, 2024
Rackspace Q1 2024 Earnings Report
Rackspace's first quarter 2024 results were reported, showing a decrease in revenue compared to the previous year, but exceeding the high-end of guidance for revenue, operating profit, and EPS.
Key Takeaways
Rackspace Technology reported a 9% year-over-year decrease in revenue, totaling $691 million for Q1 2024. The company's Private Cloud revenue was $268 million, a 15% decrease year-over-year, while Public Cloud revenue was $422 million, a 5% decrease year-over-year. The company's Non-GAAP Loss Per Share was $(0.11) in the first quarter of 2024, a decrease of 450% as compared to Non-GAAP Loss Per Share of $(0.02) in the first quarter of 2023.
Revenue for the first quarter was $691 million, a 9% decrease year-over-year.
Private Cloud revenue decreased by 15% to $268 million.
Public Cloud revenue decreased by 5% to $422 million.
Non-GAAP Operating Profit was $16 million, a 68% decrease compared to $51 million in the first quarter of 2023.
Revenue by Segment
Forward Guidance
Rackspace Technology provided guidance for Q2 2024 including total revenue between $668 and $678 million, Private Cloud revenue between $260 and $265 million, Public Cloud revenue between $408 and $413 million, and Non-GAAP Loss Per Share between $(0.09) and $(0.11).
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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